January – March 2011

Conference Call

Georg DenokeMember of the Executive Board & CFO4 May 2011

2

Disclaimer

This presentation contains forward-looking statements about Linde AG (“Linde”) and their respective subsidiaries and businesses. These include, without limitation, those concerning the strategy of an integrated group, future growth potential of markets and products, profitability in specific areas, the future product portfolio, anti-trust risks, development of and competition in economies and markets of the group.

These forward looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside of Linde’s control, are difficult to predict and may cause actual results to differ significantly from any future results expressed or implied in the forward-looking statements in this presentation.

While Linde believes that the assumptions made and the expectations reflected in this presentation are reasonable, no assurance can be given that such assumptions or expectations will prove to have been correct and no guarantee of whatsoever nature is assumed in this respect. The uncertainties include, inter alia, the risk of a change in general economic conditions and government and regulatory actions. These known, unknown and uncertain factors are not exhaustive, and other factors, whether known, unknown or unpredictable, could cause the group’s actual results or ratings to differ materially from those assumed hereinafter. Linde undertakes no obligation to update or revise the forward-looking statements in this presentation whether as a result of new information, future events or otherwise.

3

Highlights – Q1 2011

Continuously Improving.

Ongoing growth momentum drives group sales up 14.9% to € 3,325 m

Group operating profit grows over-proportionately by 18.7% to € 761 m

Strong EPS increase with reported EPS up 42.7% to € 1.67 and adjusted EPS of € 1.88 (+33.3%)

Operating Cash Flow increases by 10.8% to € 440 m

Double-digit earnings growth driven by widespread recovery and HPO initiatives

Growth markets continue their strong momentum

Mature regions on solid growth levels supported by further recovery in the cylinder business

Increase of the group operating margin by 80 basis points to 22.9%

2011 Outlook reinforced

Growth in sales and operating profit vs. record year 2010

HPO: € 650-800 m of gross cost savings in 2009-2012

4

Group, sales by DivisionsUnchanged growth momentum drives group sales up 14.9%

Gases Division

— Growth momentum intact: comparable* sales increase of 8.3%

— Growth in all product areas: tonnage leading, cylinder accelerating

Engineering Division

— Sales above last year´s level

— Execution of order backlog remains fully on track

Gases

Engineering

2,340

517

3,325

2,662

2,894

in € million, as reported

+14.9%

+14.3591

Other/Cons.

3M 2010 3M 2011

72*excluding currency, natural gas price and consolidation effect

+13.8 %

37

5

Group, operating profit by DivisionsFurther group margin improvement by 80bp to 22.9%

Gases Division

— Operating profit* on double-digit growth track

— Operating margin further increasedby 60 bp yoy to 27.3%

— Continuous focus on HPO: initiatives across all processes providing us with the right basis for sustainable profitable growth

Engineering Division

— Operating margin of 10.5%

— Strong margin performance driven by successful project execution51Engineering

Other/Cons.

22.1% 22.9%Op. margin

625

-35

727

62

-28

761

+80 bp

3M 2010 3M 2011

+18.7%

+16.3%

+21.6%

641

in € million, as reported

Gases

on reported basis

*EBITDA before non-recurring items and incl. share of net income from associates and joint ventures

6

Division Gases, sales bridge3M sales increase of 8.3% on comparable basis

2,662

Natural Gas3M 2010 Price/VolumeConsolidation Currency

2,340

3M 2011

in € million

+0.5%+4.8% +0.2%

+8.3%

7

Gases Division, sales by operating segmentGrowth momentum continues in all regions

*excluding currency, natural gas price and consolidation effect

in € million

577

707+22.5%

+11.0%*

ASIA/PACIFIC

3M 2010 3M 2011

2,8013,002

+10.2%

EMEA

+6.0%*

3M 2010 3M 2011

1,2641,393

AMERICAS

514580

+12.8%

+11.1%*

3M 2010 3M 2011

— Growth in Tonnage due to higher capacity utilization and start ups

— Further recovery in Cylinder in Eastern Europe

— Growth led by GreaterChina

— Strong growth in Tonnagein all regions also supported by ramp ups and start ups among others in China and Malaysia

— Continuous growthmomentum in both regions

— Tonnage as main driverin North America

— Double-digit growth inall product areas in SouthAmerica

8

Gases Division, operating profit by operating segmentOperating margin further increased to 27.3%

— Continuous implementation of HPO initiatives supports margin development in all regions

— EMEA and AMERICAS drive the margin improvement in the Gases Division in the first quarter

— ASIA/PACIFIC margin in the first quarter slightly affected by pre-investments in structural growth initiatives in ASIA

in € million

EMEA

351

395

+12.5%

27.8%28.4%

+60 bp

3M 2010 3M 2011

162196+21.0%

ASIA/PACIFIC

3M 2010 3M 2011

-40 bp28.1% 27.7%

AMERICAS

136112

+21.4%

21.8%23.4%

+160 bp

3M 2010 3M 2011

9

Cylinder

Bulk

Tonnage

Healthcare

Q1 2011

2,662

1,075

636

659

292

Q1 2010

276

588

593

1,000

2,457+5.8%

+12.1%

+7.3%

+7.5%

+8.3%

*excluding currency, natural gas priceand consolidation effect

*

in € million, comparable*, consolidated

Gases Division, sales by product areas Growth in all product areas

10

Gases Division, product areas (comparable yoy growth)

Cylinder business continues recovery

Cylinder

Healthcare Tonnage

+10.0%+13.3%

+10.3%

Q4

+11.1%

-1.7%

-6.5%

Q3Q3 Q2Q1 Q4Q2 Q1 Q1

+5.1%

+12.1%

-4.4%

2009 2010 2011

Q4

+6.5%

Q3

+4.0%

Q2

+3.7%

Q1

+2.7%

Q4

+1.5%

Q3

+5.7%

Q2

+5.8%

Q1

+5.5%

Q1

+5.8%

2009 2010 2011

2009 2010Q4Q3Q2Q1Q4Q3Q2Q1 Q1

2011

Bulk

Q4Q3Q2Q1Q4Q3Q2Q1 Q1

2009 2010 2011

+6.3%+5.1%+9.9%

+5.2%+0.5%

-7.9%-11.1%

-6.9%

+7.3%+5.3%+4.8%+3.2%

0.0%

-9.1%-9.1%-12.2%

-5.5%

+7.5%

11

Gases Division, project pipelineSolid basis for sustainable growth

— Around € 2.8 bn investments between 2009-2012 (thereof € 0.6 bn in JVs @ share)

— Project amount 2012 further increased by € 100 m to € 650 m

— Close to 70% of total project-Capex allocated to Growth Markets

— Increasing number of project opportunities with a large portion in Growth Markets

Project amount by on-stream date (incl. JVs)

(Projects > € 10 m)

2009 20112010

~ 500 m €

~ 800 m €

2012

~ 650 m €

~ 800 m €— Project opportunities 12 months

forward as published in March 2011 around € 4 billion

— Further project wins in growth and mature markets in all customer segments

12

Linde Gases Division in Greater ChinaChongqing - Developing a new large chemical cluster

April 2011

- JV agreement with ChongqingChemical and Pharmaceutical Holding Company (CCPHC), 60% Linde share(fully consolidated)

- Large scale HYCO plant: ~ € 200 m capex, expected on stream date 2014

- Long-term on-site supply contractswith CCPHC and BASF

April 2009

- JV agreement with Sinopec Sichuan Vinylon Works (SVW), 50% Linde share

- Air Separation plant: ~ € 50 m capex, expected on stream date 2011

- Long-term on-site supply contractwith SVW

Supply Schemes Industrial Parks Offices Application CenterKey locations of Linde Gases:

BASF and CCPHC to build and operate in Chongqing a worldscale chemical cluster to supplythe fast developing West China market (> 200 m people)

13

Engineering Division, key figuresExecution of projects fully on track

— Order intake still characterised by small and midsize projects

— More than 50% of order intake from Europe and North America show a further improvement of the investment climate in mature countries

— Order backlog stays strong at € 3.714 bn (year-end 2010: € 3.965 bn)

— Margin ahead of target margin of at least 8%

in € million 3M 10 3M 11 ∆ YoY

Order intake 502

517

51

444

9.9%

-11.6%

+14.3%

+21.6%

591

+60 bp

62

10.5%

Sales

Operating profit*

Margin

*EBITDA before non-recurring items and incl. share of net income from associates and joint ventures

14

Group, Cash Flow Statement Operating Cash Flow up 10.8% to € 440 m

+186+183Net debt decrease (+)/ increase (-)

-2-1Dividends and other changes

-45-22Interests and swaps

-13-6Acquisitions/Financial investments

-180-98Change in Working Capital

-141-146Other changes

233

-207

43

-237

440

761

Q1 11641Operating profit

206

-191

38

-223

397

Q1 10

Investment Cash Flow

Other

Free Cash Flow before Financing

Investments in tangibles/intangibles

Operating Cash Flow

in € million

15

Group

Outlook - confirmed

Group

Gases

Engineering

2011

2014

— Growth in sales and operating profit vs. 2010— Confirmation of HPO-programme: € 650-800 m of gross cost

savings in 2009-2012

— Sales increase vs. 2010— Operating profit to grow at a faster pace than sales

Gases — Average capex/sales ratio 13% plus— Revenue increase above market growth — Further increase in productivity

— Operating profit of at least € 4 bn— Adjusted ROCE of 14% or above

— Sales at the same level as in 2010— Operating margin of at least 8%

APPENDIX

17

3M 10 3M 11 in %3,325 +14.9

+18.7

+80 bp

+23.7

-

+27.1

-

-

Net income 213 303 +42.3

Net income – Part of shareholders Linde AG 198 284 +43.4

EPS in € 1.17 1.67 +42.7

Adjusted EPS in € 1.41 1.88 +33.3

Operating profit 641 761

EBIT 351 446

Financial Result -68 -49

Taxes 70 94

22.9

507

61

Sales 2,894

Margin 22.1

EBIT before PPA depreciation 410

PPA depreciation 59

in € million

Group Financial Highlights 3M 2011

18

Group, solid financial positionNet debt/EBITDA-ratio of 1.7x

6,427

2007

9,933

2006

6,119

2008

Net debt in € bn

12,815

30/9/06

4.8

2.72.5

20072006 2008

Net debt/EBITDA

3.0

2.0

1.0

6,4232.6

20092009

5,497

2010

1.9

2010

5.0

5,222

31/3/11

1.7

LTM

1919

Gases Division,New Operating Segments

Asia/PacificSanjiv Lamba

AmericasKent Masters

EMEA (Eur

Aldo Belloni*ope, Middle East, Africa)

19* also responsible for the Engineering Division

20

499

2.279

FY 2010

754

2.692

FY 2010

1.513

5.330

FY 2010

Gases Division, Operating SegmentsHistorical data 2010

122129136112Operating profit1)

579605581514Sales

Q4 2010Q3 2010Q2 2010Q1 2010Americas (€ m)

202200190162Operating profit1)

727711677577Sales

Q4 2010Q3 2010Q2 2010Q1 2010Asia/Pacific (€ m)

387389386351Operating profit1)

1.3521.3651.3491.264Sales

Q4 2010Q3 2010Q2 2010Q1 2010EMEA (€ m)

1) EBITDA before non-recurring items, including share of net income from associates and joint ventures

28,4%28,6%28,5%28,6%27,8%Operating margin

28,0%27,8%28,1%28,1%28,1%Operating margin

21,9%21,1%21,3%23,4%21,8%Operating margin

21

Gases Division, Joint VenturesAsian projects drive growth of our JV sales

in € million

82

3M 2010

89

3M 2011

10

Proportionate Sales(not incl. in the Group top-line)

Share of Net Income(contribution to operating profit)

+8.5%

+6.3%

3M 2010 3M 2011

1617

22

Group, Accounting considerations Impact of PPA

Purchase Price Allocation (PPA)

Impact in 3M 2011: € 61 m (3M 2010: € 59 m)

Expected impact FY 2011: ~ € 250 m (upper end of guidance due to enforced one-brand strategy)

Background:

— The difference between the purchase cost of BOC and related acquisitions in Asia and their net asset value has been allocated to assets on the Linde balance sheet (for BOC, see Linde 2007 annual report, p. 99).

— The revaluation of these assets leads to additional depreciation and amortisation charges according to the useful life of the assets.

— Goodwill is not amortised but subject to a yearly impairment test.

— Depreciation & Amortisation from PPA is excluded from the calculation of Adjusted EPS.

23

Definition of financial key figures

adjustedROCE

adjustedEPS

OperatingProfit

Return Operating profit- depreciation / amortisationexcl. depreciation/amortization from purchase price allocation

Average Capital Employed

Return

Shares

equity (incl. minorities)+ financial debt+ liabilities from financial services+ net pension obligations- cash and cash equivalents- receivables from financial services

Return

earnings after tax and minority interests+ depreciation/amortization from purchase price allocation+/- non-recurring items

average outstanding shares

EBITDA (incl. IFRIC 4 adjustment)excl. finance costs for pensionsexcl. non-recurring itemsincl. share of net income from associates and joint ventures

24

Investor Relations

Contact

Phone: +49 89 357 57 1321eMail: investorrelations@linde.comInternet: www.linde.com

Financial Calendar

— Annual General Meeting: 12 May 2011

— Interim Report January to June: 29 July 2011

— Interim Report January to September: 28 October 2011